Gold prices moved in two distinct phases this week. At the beginning, gold started strong, climbing from around $3,347 to just under $3,400 by early Tuesday. The momentum carried prices even higher, topping out near $3,433 per ounce. However, after several failed attempts to break through resistance at this level, the rally lost steam. By midweek, gold had dropped back to around $3,383 and began a steady decline.

This downtrend continued into Thursday and Friday, with gold dipping to as low as $3,327 before bouncing slightly. The price closed the week near $3,336, almost unchanged overall but clearly off its weekly highs.

Traders are split in their expectations. Some think gold is just consolidating after a strong run earlier in the year, while others worry this could be the start of a larger correction. The picture is further complicated by ongoing trade developments between the U.S. and countries like Japan and the EU. These deals could reduce demand for safe-haven assets like gold, leading to price weakness.

At the same time, the market is closely watching inflation data, employment figures, and especially the Federal Reserve’s policy announcement next week. If the Fed keeps rates steady or signals future cuts, gold could bounce. But if the Fed sounds optimistic about the economy and inflation is under control, gold may continue to slide.

Retail investors still seem bullish. A recent survey showed most expect gold prices to rise next week, even as professional traders are more cautious. The difference may come down to how each group sees global risks and monetary policy.

Overall, gold seems to be waiting. It hasn’t broken out above recent highs, but it also hasn’t fallen sharply. Whether the metal continues higher or begins a more meaningful drop likely depends on what happens next week with the Fed and economic data.